Zacks Research Upgrades HSBC (NYSE:HSBC) to Strong-Buy

HSBC (NYSE:HSBC) was upgraded by analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Monday,Zacks.com reports.

HSBC has been the topic of several other research reports. BNP Paribas Exane raised shares of HSBC from an “underperform” rating to an “outperform” rating in a report on Friday, September 5th. Citigroup reaffirmed a “buy” rating on shares of HSBC in a report on Tuesday, October 21st. Weiss Ratings reiterated a “hold (c)” rating on shares of HSBC in a research note on Wednesday, October 8th. Jefferies Financial Group reiterated a “hold” rating on shares of HSBC in a research note on Friday, October 10th. Finally, BNP Paribas upgraded shares of HSBC from a “strong sell” rating to a “strong-buy” rating in a research note on Friday, September 5th. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $63.00.

HSBC Stock Down 0.9%

Shares of HSBC opened at $69.85 on Monday. The stock has a market capitalization of $241.04 billion, a PE ratio of 14.71, a P/E/G ratio of 1.30 and a beta of 0.62. HSBC has a 1 year low of $44.40 and a 1 year high of $72.21. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.93 and a current ratio of 0.92. The company’s 50-day simple moving average is $68.14 and its 200-day simple moving average is $63.22.

HSBC (NYSE:HSBC) last issued its quarterly earnings results on Tuesday, October 28th. The financial services provider reported $1.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.65 by $0.15. The business had revenue of $17.90 billion for the quarter, compared to analysts’ expectations of $16.78 billion. HSBC had a net margin of 12.85% and a return on equity of 12.78%. Analysts forecast that HSBC will post 6.66 earnings per share for the current fiscal year.

Hedge Funds Weigh In On HSBC

A number of hedge funds have recently modified their holdings of the business. AE Wealth Management LLC grew its holdings in shares of HSBC by 2.2% during the 3rd quarter. AE Wealth Management LLC now owns 7,531 shares of the financial services provider’s stock worth $535,000 after purchasing an additional 162 shares during the period. Focus Partners Advisor Solutions LLC boosted its holdings in HSBC by 4.4% in the 2nd quarter. Focus Partners Advisor Solutions LLC now owns 4,022 shares of the financial services provider’s stock worth $244,000 after acquiring an additional 168 shares during the period. Moors & Cabot Inc. boosted its holdings in HSBC by 2.7% in the 2nd quarter. Moors & Cabot Inc. now owns 7,152 shares of the financial services provider’s stock worth $435,000 after acquiring an additional 189 shares during the period. Lido Advisors LLC boosted its holdings in HSBC by 3.1% in the 2nd quarter. Lido Advisors LLC now owns 6,267 shares of the financial services provider’s stock worth $381,000 after acquiring an additional 189 shares during the period. Finally, Westover Capital Advisors LLC boosted its holdings in HSBC by 2.5% in the 1st quarter. Westover Capital Advisors LLC now owns 8,150 shares of the financial services provider’s stock worth $468,000 after acquiring an additional 200 shares during the period. 1.48% of the stock is currently owned by hedge funds and other institutional investors.

HSBC Company Profile

HSBC Holdings plc provides banking and financial services worldwide. The company operates through Wealth and Personal Banking, Commercial Banking, and Global Banking and Markets segments. The Wealth and Personal Banking segment offers retail banking and wealth products, including current and savings accounts, mortgages and personal loans, credit and debit cards, and local and international payment services; and wealth management services comprising insurance and investment products, global asset management services, investment management, and private wealth solutions.